Nigeria’s currency, the Naira marginally depreciated in exchange value with the US dollar on Wednesday at the black market and closed at an average of N738/$1, representing 0.41% depreciation from the N735/$1 rate it recorded in the past three trading sessions.
According to information provided by dealers at the black market, the local currency also recorded a 0.36% depreciation against the US dollar at the Peer-to-Peer (P-2-P) cryptocurrency exchange market, where it traded at a minimum of N747/$1, compared to the N737/$1 it traded the preceding day.
Similarly, the Naira depreciated at the official Investors and Exporters (I&E) window, sliding by 0.11% to close at N445.8/$1 from N445.33/$1 it traded on Monday.
Trading at the official NAFEX window showed that the opening indicative rate closed at N444.2/$1 on Tuesday just as an exchange rate of N447/$1 was the highest rate recorded during intra-day trading before it settled at N445.8/$1. The Naira traded for as low as N440/$1 during intra-day trading.
Meanwhile, the foreign exchange (FX)) turnover at the official window surged by 200.18% to $180.29 million on Tuesday, up from the $60.06 million that exchanged hands the preceding day through the window
Available data from the CBN also reflected that on Tuesday, Nigeria’s external reserve dipped further to $36.97 billion, representing a 0.08% decline compared to $36.99 billion recorded the previous day.
